Understanding MVRV Z-Score
MVRV compares market value to realized value. We cannot compute it without on-chain data, so our component uses price relative to all-time high as a stand-in — here is what that does and does not tell you.
What is MVRV Z-Score?
The MVRV Z-Score compares a cryptocurrency's market capitalization to its realized capitalization. It identifies periods when the asset is significantly over or undervalued relative to its fair value.
How Does It Work?
When the Z-Score is high (typically above 7), the market is overheated — historically a good time to sell. When low (below 0.1), the asset is undervalued — historically a good time to accumulate.
How We Use It — and What We Actually Measure
Important: we do not compute the true MVRV Z-Score. Realized cap requires on-chain data we do not license. This component (16%, the highest single weight) instead scores the current price against the all-time high — a coin at 10% of its ATH scores highest, one at its ATH scores lowest. That captures the same intuition of buying below the crowd's cost basis, but it is a price ratio, not a realized-cap measure, and it says nothing about where holders actually bought.
> 85% of ATH
Little discount / caution
< 20% of ATH
Deep discount to ATH
Current Top 5 Coins by MVRV Proxy (Price / ATH)
How our algorithm currently scores the leading crypto assets on the "MVRV Proxy (Price / ATH)" component. Higher = stronger undervaluation signal on this single dimension.
Worked Example
Cardano (ADA) leads with a MVRV Proxy (Price / ATH) value of 95/100. On this single dimension, Cardano currently shows a clear undervaluation signal. Click Cardano above to see the full score breakdown across all 10 metrics.